In an unexpected move, European leaders have announced the convening of an urgent meeting on the sidelines of the Budapest Summit scheduled for November 7-8, to discuss the implications of Donald Trump’s victory in the 2024 U.S. presidential election.

The informal summit in Budapest will provide an opportunity to discuss the risks of a potential trade war between the European Union and the United States, as well as the declining U.S. support for Ukraine, according to a diplomatic source in Brussels speaking to foreign media.

The same source added that the event will focus on the EU’s preparedness for the consequences of Trump’s victory, including the potential for economic relations with Washington to become more complicated and the possibility of reduced military aid to Ukraine.

Trump’s victory, after surpassing the 270 electoral votes threshold, marks a turning point in U.S. and global politics, opening the door to new challenges and opportunities on the international stage.